Why Liberty Media (LMCA) Is Gaining Today

Shares of Liberty Media (LMCA) are gaining Friday after the company announced it dropped plans to acquire Sirius XM (SIRI).

NEW YORK (TheStreet) -- Liberty Media (LMCA) was gaining 7.1% to $135.08 Friday on news that dropped plans to acquire Sirius XM (SIRI).

The company announced that it will no longer pursue the acquisition as it announced it will create two new tracking stock groups. The tracking stock groups will be called Liberty Media Group and Liberty Broadband Group.

Liberty Media first announced plans to acquire Sirius XM in January in a complex deal that valued the satellite radio provider at about $23 billion.